Business activity in the service sector of China grew in May at the lowest pace in 3 months

In May, the growth of business activity in the service sector of China was the slowest since February of this year, the report by Caixin Media and IHS Markit showed. The corresponding PMI was fixed at 52.7 points, which is 54.5 points lower than the previous month's value. The decline in the index was due to a slowdown in the growth rate of new orders, and especially export orders. In the service sector, there was also a significant slowdown in job creation. Chinese service firms have significantly increased their operating costs. At the same time, they grew a little slower than in April. Expenses for labor and raw materials showed the highest growth. The level of trust in the services sector fell to its lowest level since July 2018.

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